Analyst Makes 'Bitcoin Price Will Increase 10x After Halving' Prediction Because…

Genesis sold GBTC to acquire BTC amid financial challenges and possible bankruptcy

Whales have been hoarding BTC ahead of the halving

Genesis, a crypto lending company, has been dealing with financial challenges and possible bankruptcy for over a year. As part of its strategy to address these issues, Genesis decided to dump its Grayscale Bitcoin Trust (GBTC) holdings to acquire more Bitcoin [BTC].

The reason behind the recent Genesis move?

According to a Bloomberg report, Genesis sold around 36 million GBTC shares to raise funds to acquire more BTC. This move was likely motivated by the desire to capitalize on the recent rise in Bitcoin prices, as well as raise funds to settle debts to creditors.

Observing the same, @CriptoPatel, in his recent post on X (formerly Twitter), noted:

“Genesis Trading has taken an important step in its bankruptcy process by converting GBTC shares into 32,041 BTC (yes, you read that right!), valued at $2.1 billion in the last three weeks.”

This has caused the GBTC share price to experience significant volatility, with fluctuations tied to Bitcoin price movements.

Echoing similar sentiments, @Crypto Patel added:

"And guess what? This all happened after Genesis agreed to return around $2 billion to around 232,000 people who used Gemini Earn. It seems that $BTC is the way to go to the moon!

As a result of these events, at the time of writing, Bitcoin was trading at $67,882.72 after appreciating 1.28% in the last 24 hours.

#Bitcoin